manufacturing. that unleashed tens of billions of dollars in private investment while other countries around the world are investing much, much more. we found by public private partnerships working together we are seeing new jobs and new industries develop. in fact, by 2015, we will have the capacity of going from 2% of the world's advanced battery manufacturing, we'll have the capacity to produce 40% of the world's battery technologies because of the public investment unleashed to work with the private sector. since 2010 in january we've created over a quarter of a million manufacturing jobs and that's the first increase in more than a decade. why? because we've begun to do a few things. as my time comes to a close, i would briefly say that we have done a number of things focusing on clean energy, both advanced clean energy loans that we have done in order to make sure that capital is available. you mentioned the retooling loans that we did in 2007 that has allowed a number of companies -- one grea

manufacturers. like many here i watched occasionally show on tv there is 1i recalled how it's made and to get by the op noxious music it's quite extraordinary the sophistication we have a manufacturing and every one of those little shows is about american manufacturing and how diverse we can be difficult to to keep tax rates competitive globally and african balance regulations so that the consumers and public and working americans are safe yet we can compete with other manufacturers around the world we will stay ahead of china. we are well-educated like 10-1 more productive on the per capita basis than chinese workers, but we need to have a good competitive workplace and be able to trade and be able to continue to have a well-educated work force. we don't need the government to tell us how to succeed in manufacturing. i've done it and i did it without any help from the u.s. government. thank you very much. >> ,, thank you very much. as is often the case when members of the house and senate testify w

manufacturing.s is the first in a series of meetings they plan to hold on manufacturing. it is about an hour and 15 minutes. >> the committee will come to order. we are going to go in and order we normally do not have, which is we will have statement after our first two witnesses. we will first start with the senator, and i will do an introduction of our first witnesses. he is the chair of the senate agricultural and forestry committee. he is also member of the finance committee and the budget committee. she serves as co-chairman of thus caucus and was free and -- was appointed by president bush and president obama. she has sponsored many initiatives to revitalize our manufacturing sector including advanced manufacturers but is bringing jobs back to the united states, and i want to make sure to mention she resents the state of michigan. -- represents the state of michigan, and she is proud of the. i know she was a mentor to a new senators and continues to serve. i would like to welcome to representa

manufacturing. and you can call in with your questions about energy and national security for david pumphrey, for the center for shtick -- and international studies. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] host: welcome to "washington journal" this tuesday, june 28, 2011. the supreme court wraps up its term is the day and a decision trended conservative. here is what is going on -- the president will travel to iowa to the alcoa facility to talk about manufacturing in the american economy. we will also be talking about that later on. house members are back in their districts but the senate is in today. sent to the supreme court concluded its term we would like to hear about what you think of its decisions. here are the numbers to call -- you can also e-mail us -- iand e are on twitter. let's take a look at some of the other reporting on the supreme court term. this on some of the latest cases that came out just yesterday. a repo

we put the punch back in manufacturing. we manufacture and we create jobs. how does f.d.r., he put people to work, eventually the government got out of putting people to work and you saw this big manufacturing boom. shipbuilding, building homes, we all remember the massive home building that president eisenhower engaged in. manufacturing. making a whole bunch of things. let me tell you why this is so important, how sad i was that the debt relief was in fact a mockery, because if you commemorate a -- commemorate soldiers yesterday, let me tell you what the unemployment rates are for veterans, 7.7%, and for those afghanistan and iraq veterans, 10.9%. how do you put these folks to work? put a boost and punch in manufacturing. let them come back and use the skills they gained working or soldiers, if you will in iraq, fighting for our freedom, and afghanistan and other places, and you say to these guys, i don't just mourn the loss of your comrades on memorial day but i listen to the voices of your family and yourself, when you come back, i have jobs for you. let

it is a direct promise that he made to manufacturers and manufacturing workers. by the same token, this republican congress has done nothing for manufacturing. they have had the opportunity for six months to bring up the sign a currency bill which passed overwhelmingly last year. auto perversion passed in the senate with 67 votes in 2005. if this thing got to the floor of the house, it would pass overwhelmingly. -- a tougher version passed in the senate with 67 votes in 2005. call your congress people. i was wondering why we cannot go back. i know we had more regulations around the second world war and prior. and why we could not get international regulations to even the playing field so there's a global minimum wage and the same thing with our environmental so they can move corporations all the way around the globe so does not benefit them. guest: that is a really interesting point, tanya. we have agreement that allows for the free flow of investment, the free flow of capital, the free flow of goods, not the free flow of labor and not kind of leveling regulation

the other smaller manufacturers? they had never built a product from the transit industry before, but you give them the opportunities that they can tool up, innovate, design, and they are now eager and producing stuff probably not only for streetcars but light rail vehicles and commuter rail. it's not just about our one company, but the reality for the people who build seats and glass and windows, all of those -- it's a new industry and new product that used to be done overseas and now done competitively here in the united states, so it doesn't come without investment. i do want to say from the private sector. you know, we have to do our part. we have invested well over $10 million, for example. we built a streetcar test track, you know, with our own funds. the only one in the united states because we want the highest quality and continue to innovate. it's the partnership. we have to have the support from the federal government, and i guess one other very specific example i would give to tell you how the market can m

manufacturing. it's, of course, especially i would say an elite political and in some cases economic circles. and, i mean, it's of course absurd. for people to be talking in egypt about given the different histories of our country and in terms of manufacturing, and very different situations presently. and i think that attitude in the united states has been quite harmful. and it's caused the country to some extent to not pay the attention that it should to what is still very much an important sector. and that attitude and what i saw as the dangers of it was a large part in motivating me to write a paper that we released a couple of months ago that focused on how notwithstanding the challenges that we faced in -- that manufacturing faces and, you know, the head lying grabbing attention to losses in employment and manufacturing. u.s. manufacturing is still very competitive and produces enormous value and really hits above it's weight in our economic well being. that we have copies of the report. it's c

one of the ways that we bring manufacturing back and to make sure the manufacturing that is here stays here is to ensure that we are able to compete with the rest of the world. a couple of points that you made. one is the statutory tax burden. i can tell you that many companies paid nearly that amount. it causes them a very difficult -- it is a very difficult impediment for them to be able to compete with other manufacturers around the world. the companies that have lower tax burdens or simply paying the tax rates that are available to them via the tax rate today, and manufacturers in total would like to see the lowering of the tax burden by getting rid of some of the preferences that exist out there. the lower the statutory tax rate in the effective tax rate, the more competitive they will be in this country and the more able they will be able to hire workers. at the second point he made i at the second point he made i think is a very good one. i used to work for a governor in virginia. every state has the ability to create incentives and attract businesses to their state. businesses

it does manufacture missiles. they are doing it in a climate where you are holding up on both sides. it is a little unique. they have to lie about it. they are our main nuclear weapons that are not adequately tested are characterized. they are our main them on missiles. they are a long way away. new have interests that go beyond the whole picture of any kind of nuclear confrontation. this is a very dangerous issue. >> should we worry about china and pakistan? he mentioned that we might threaten them and citing more with india. -- and citing war with india. is this a credible threat? >> it is a threat we make. we made a remarkable scene recently with the minister of defense -- most of you do not know who he is because pakistan is being the minister of defense and the government is being the least important job -- he came back and said we will give china a naval base. there is an embarrassed silence. we really do not want a naval base. it may be a lot. i am not a china expert. i cannot tell you the chinese part of t

we can be very competitive in manufacturing. manufacturing wages in germany are $48 per hour.s., up $32 an hour. and you figure in the benefits and other things like that. manufacturing in germany is very competitive. if they have a balanced trade relations ~. they have a large percentage four of their economy in manufacturing. we do not. -- they have a balanced trade with signchina. host: keepitmadeinusa is his twitter handle. how long ago did you work with senator dick lugar? >> that was 1987. i am an indiana native. i have great admiration for the senator. if t advantage of this job is that it is not partisa the message appeals to a broad swap of people. i speak to manufacturg groups. i speak to the labor unions. i do a lot of that. i give them the same message. the response i always get is very positive. host: carl joins us on guport, mississippi, republican line. go-ahead. caller: you talk about making making jobs for industry. a lot of people work outside maintaining a t of stock that is built and are pushed to the side of the time. they just want to build -- everybody w

generic manufacturers cannot change the labels on their own, and might brand name manufacturers. generic manufacturers have to petition the fda. you have justice sotomayor saying we have never found it so easy to make out a case of preemption. the majority, she wrote, presumed the drug manufacturer was not obligated under federal law to petition to change the label if the manufacturer was chris with the label did not provide adequate warning. she would have found at the very least the manufacturer was obliged to bring such a petition to the fda. the court found otherwise and again did not mention the presumption against pre-emption. in a very significant development, a plurality of the court, in a part justice kennedy did not join, appeared to reject the presumption against pre- emption. this is a major development. it is four justices, including the chief. it is based on a novel, texture list, and original interpretation of the supremacy clause that arose in a law review article by caleb nelson of the university of virginia. it was left to justice sotomayor to reject the move to

they've established manufacturing bases alongside some of china's national companies. collectively, they produce more than 1 million units every year, earning wuhan the nickname car capital of china. but that made the city even more vulnerable to the impact of japan's march 11th disaster. many suppliers suspended production after the earthquake and tsunami. international shipments froze, forcing automakers to decrease production. that meant a drop in sales for dongfeng honda automobile, honda's joint venture in china. it sold 37% fewer vehicles in may compared to the same month last year. the problem was a shortage of high-tech car parts from japanese factories which produce a large percentage of the world's supply. these devices are used to operate windows, navigation systems and control an engine's speed and displacement. >> translator: we import many spare parts and depend on each and every one of them. the shortage of electronic components in particular had a big impact on our business. >> reporter: but not all carmakers struggled. nissan's local joint venture dong

>>the manufacturers use the same strategy as the manufacturers of inkjet printers, namely the inkjet printer manufacturers more or less give you a printer and then sell you ink. the 3d printing manufacturers don't give you a printer, they sell you a printer, but then they sell you the plastic. >>the reprap on the other hand is entirely open source meaning the plans for the machine are distributed freely. add to that, the fact that it can run off a solar-powered car battery and you have a remarkably flexible piece of technology. >>bowyer: there we go. one coat hook made in the machine, made out of polylactic acid, which is the plastic that we use from preference >>polylactic aid is a plastic made from starch and starch of course comes from plants. so anyone who can grow a small plant crop on a few tens of square metres of land and can make their own supply of plastic to put in the machine. so you can be almost completely independent. >>with cheap 3d printers becoming more accessible, patent holders are on edge. the ability to copy a design and reproduce it at home is a real possibilit

the institute for supply management's manufacturing inbex m fell to 53.3 for may. anything above 50% shows manufacturing expanding but the pace declined from 60.4 in april. it's the third month in a row that growth has slowed, though the 22nd straight month of expansion. the index had been expected to come in around 57. survey committee chairman bradley j. holcomb says manufacturers continue to face significant cost pressures from commodities and other inputs. now let's go to the markets with the u.s. manufacturing sector showing signs of weakness, stock prices tumbled almost 280 points, the largest drop in almost a year. to see how japanese stocks are performing this thursday morning, we're going to cross over to the tokyo stock exchange. how are things kicking off here in tokyo. >> fears that the u.s. recovery may be stalling. looking at the opening levels here for the nikkei, it's pretty much following through with that sentiment with the nikkei down over 180 points in the first few minutes of trading. the dow jones industrial average ended the day's session at

manufacturing is leading the recovery. he wants to hear what we can do to make it easier for you to succeed. you're the ones who made it through this financial crisis. you're the ones who made it through this. you are the ones growing your company. you are building product in creating jobs here in america. as the president said, americans do not quit. whether it is an out of work parent or a ceo finding new ways to keep building products, americans are doing everything they can to tackle the challenges before us. that is why the president believes our future is bright. that is why he has worked to bring the economy back from the brink and rescue industries like the auto industry. he promotes exports. it is why he's committed to cutting taxes and helping businesses find access to capital and removing the burdens that stand in your way of growth. i would like to close by asking each of you to continue to be an ambassador to those in washington. it is an important even because the people here in washington here from normal am

the purpose is to help revive our local manufacturing landscape in san francisco. we had a strong manufacturing industry. we've lost a lot of that over the last couple of decades. the mission is to help rebuild the dynamic manufacturing area in san francisco. it can? many of our local businesses to which other encouraging entrepreneurial ship. it is bringing us to the 21st century. that also helps create employment opportunities for a diverse local work force. this is a movement that is here in san francisco along with new york and a couple of other cities. there has been a lot of talk about coming back full circle to producing things locally. san francisco is ahead of the curve. in order to strengthen these industries and issues, it is important that we support balkanizing. many of these issues on affordable housing, just as importantly, we need to organize our small businesses as well. we need to support each other by creating a more vibrant local economy. create networks, share best practices, and hope that the city and port create a cohesive policy is that will

these are manufactured in japan? >> these are manufactured all over the world. they have two factories in georgia and then factories all around the world. >> what are the differences between these different kind of toilets? >> we have the 1.28, which is what all the manufacturers are doing now to conserve water. this is a siphon flush with a larger water surface area, much more conventional american type of toilet. it has been used around the world for many years as a water- conserving light of flushing. it has a small water surface area and is a wash down type of toilet. some americans are not happy that they might have to clean the sides of the ball more. then, we have the high end totally automated toilet as you were already noticing. when you walk up to it, it will sense that you are there and it will open up. it has another green feature, which washes you. it saves you on toilet paper. a roll of toilet paper can take as much as 28 gallons to be manufactured, so if you conserve on toilet paper by using water to wash yourself, you are saving the waste materia

over the past 13 years, about a third of our manufacturing jobs have vanished.s not just that they've gone overseas, it's also that you guys are just better at producing stuff now than you used to be, so you use fewer workers. and meanwhile, a lot of workers have seen their wages not keep up with rising costs. so i spent a lot of time thinking about these issues when i ran for this office in the first place. when i ran for president, before i came to iowa, when i was still a senator in illinois, i kept on thinking about all the folks i would meet in my travels who were feeling that squeeze of wages flat, costs going up. and then in the closing weeks of the campaign, the bottom fell out of the economy - and the middle class got hammered some more. and i know talking to klaus, alcoa got hit pretty good too. that demanded that we make some tough decisions - decisions that we now know have pulled our economy back from the brink and put us on a better path. we've created more than 2 million new private sector jobs over the last 15 months alone, including almost 250,0

the gentleman from texas talks about manufacturing. i'm all for manufacturing. i think we all for manufacturing. what this does is it helps old manufacturing which we need to help, but it also puts new manufacturing in the deep freeze because they use the disclosures that are required as a part of a patent application. you vote for the amendment for disclosure and advancement of human knowledge, you vote against the amendment if you want secrecy in this process. i yield back the balance of my time. the chair: all time has expired. the question is on the amendment offered by the gentlewoman from wisconsin. so many as are in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. ms. baldwin: madam chair, i seek a recorded vote. the chair: pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentlewoman from wisconsin will be postponed. it is now in order to consider amendment number 4 printed in part b of house report 112-111. for what purpose does the gentlewoman from wisconsin seek recognition? ms. moore:

there's a stirring now in the rust belt, and it can be felt at places like astro manufacturing where jobs and job orders are on the rise. rich peterson is a vice president. >> well, i think our business outlook right now is really good. we went through the recession, dipped a bit in 2009, recovered very strongly last year and this year looks even better. >> reporter: here they make finely-tuned parts for customers who increasingly come from the biomedical market, an emerging economic powerhouse which this city, with its world-famous cleveland clinic, is hoping to harness. >> reporter: how important is the medical business to your business? >> well, right now i think it's about 50% of what we do. >> reporter: that's about $25 million this year, a five-fold increase since 2003. with the baby boomer generation demanding artificial replacements for aging sockets and joints, manufacturers see an expanding market whose needs they can meet. gone, now, are the grimy factories, replaced by pristine workplaces where exiles from the auto industry put their skills back to work. workers who used

i wanted to focus on the word and manufacturing. we exported 17.2 billion in goods come increase of 17.3% over 2009 and recently reported 12-month job gains of 7800 outpacing the nation. so i think i will start with you. i know it's not that rosy all over the place. i'm well aware of it. but one of the things i've noticed i was down at agco employee nearly a thousand people now, a lot of work in that area going on, they can't find a welder in that area and i spent a lot of time over our technical schools 96% placement rate our lives alexandre this is no longer your grandpa's the five texas schools they are not just fixing cars they are learning how to run computer systems that run the assembly line at boise and other places, and i would like to see a great emphasis, scott brown and i have a bill called enervate of america, a great emphasis on the degree and how our business manufacturing can work with these to your community technical college is to figure out what their needs are literally within a year and get kids into those progr

i think there may be aired manufacturing renaissance in the sense that output growth in manufacturing will be strong word going forward. it never was that bad in the past 20 years or going back, but there are a lot of strong manufacturing companies, a lot of innovation going on in the united states, and on the out of woodside, yes, there likely will be a manufacturing renaissance. it is also the case that some of the economics -- a slide that was shown -- is also true for some manufacturing activities. companies are finding that having a spot -- a supply chain spread out over the world is more difficult to deal with. maybe the savings they get from doing that are not as great. some companies are bringing production back to the u.s.. i think the skills issue is important on my. we will talk more about that. it the number of jobs in manufacturing depends on how successful we are increasing people with the skills that are attracted to employers who then go and provide more skills to them. a lot of companies will do their own training, but they want to have workers that they can train. on

manufacturing jobs are generally going abroad, generally, to asia.eric schmidt says it's possible to keep the latest high-tech manufacturing jobs here in the u.s. if we back certain industries. >> there are people who are working on new forms of materials, new plastics. when you touch them, they move. they respond to heat and location and temperature in ways that are fantastic. this research is done in american universities, manufacturing plants that need to be near where the research is done. another example has to do with nanotechnology, the manipulation of things that are very, very small. with nanotechnology you can build personal drugs, new kinds of materials, so forth. all of those factories will be built in the united states because it's too new to put in somewhere else. >> now, let me give you a few of my own conclusions, having, worked on this special and talked to all of these experts. we've learned that innovation has been the key to our dramatic economic growth and our rising standards of living. steven johnson showed that earlier. no que

the new manufacturing wave. >>> air alert. emergency radiation tests on smoke from the los alamos wildfire. and new fears about nuclear material in the path of the blaze. >>> healthy living. a breakthrough, saving lives from the deadliest kind of cancer. what everyone needs to know now about testing for lung cancer. >>> and, shell game. air travel literally slows t ta crawl at one of america's busiest airports. the cause? nearly 200 turtles. >> there's a report ofof turtle on the runway. do you want to have it removed first? >> please. >>> good evening. it is the engine that could rev up our economy. manufacturing. making things right here in america. and today, a name we all grew up with, mars candy, announced plans to hire hundreds of workers and build a new quarter billion dollar factory. its first on american soil in decades. it's part of a bigger picture, too. 173,000 manufacturing jobs created in the past 12 months. manufacturing was growing much faster than the overall economy. abc's jim sciutto starts us off with this

not just manufacturing jobs. guest: i would agree we have been good at being at the forefront of new economic areas that take off. information technologies. i think we have to be concerned about where we're going to be in the future on that. we really need to stay in the forefront of the information technology. the whole area of clean technology. no question this is going to be the clean growth area. it has to be. you're talking about the things that are unsustainable and will therefore have to change. sooner or later we'll have have to make changes in our climate. if we content invest in enough up front, and i do think there are things that the government has to help siege some of the basic development in key areas where sometimes in basic r & d corporations content necessarily recover all the costs, subsequently, so ye you need some additional work there. but we need to be in the forefront of the clean air technology. >> host: it was posted recently that it's not the size that matters but the age. he talks abou

if they decide to exchange an english class for manufacturing have people skilled in manufacturing thatan not read well. our jobs have changed. manufacturing has changed. there are a lot of jobs that require highly skilled people. they pay a lot. the pavement more. lawyers, dentists. -- they pay much more. those of the jobs we should advocate. we should not just go back to manufacturing. they sure look at what jobs create people with the greatest standard of living instead of just saying to keep manufacturing here. guest: that is a great point. we want to focus on a wide variety of career opportunities and look at where we actually have job openings currently in the country. manufacturing happens to be one of them. we also have a large number of health care opportunities available. energy, nuclear power, coal, gas, oil, utilities as a whole have a lot of people retiring. we do not have enough young people or people out of work changing their skill sets to take advantage of the opportunities. we absolutely do not want people who are just focused on technical skills. we want people who ar

manufacturing plant. i carried with me a photograph taken from a satellite showing the country at night with all of its lights on. "where is tennessee?" the nissan executives ask. "right in the middle of the lights,' i answered, pointing out that locating a plant in the population center reduces the cost of transporting cars to customers. that population center had migrated from the midwest, where most u.s. auto plants were then, south to places like kentucky and tennessee. >> our road to the white house coverage continues. >>then the japanese examined a second consideration -- tennessee has a right to work law and kentucky does not. this meant that in kentucky workers would have to join the united auto workers union. workers in tennessee had a choice. well, in 1980 nissan chose tennessee, a state with almost no auto jobs. today auto assembly plants and suppliers provide one-third of tennessee's manufacturing jobs. tennessee is the home for production of the leaf, nissan's all-electric vehicle, and the ba

>> guest: i think every manufacturer is working on passive and autostereoscopic 3-d. right now for the consumer the best possible way is with an active glasses. >> host: i want to ask about the camera you have here, the 3-d camera. demonstrate that for us or show us what it does. >> guest: sure. this is our 3-d bloggy, one of our more popular models in the 2-d form. now you can take 3-d video with it, and this is an autostereoscopic screen, so you can see 3-d images as you're shooting them without any glasses. >> host: do you need a 3-d tv to view this or a 3-d laptop? >> guest: unless you want to get all of your friends and family around this little screen, the best way to view this after you're done is put it on your laptop or play it on your tv. >> host: given all the new technology that's out there, rob manfredo, are handicams still selling? >> guest: sure, quite a bit. the models are very popular, they keep getting smaller and more powerful. they take full hd video, so 1080p right to your television, so your tv looks like what's coming through your cable. >> host

germany has managed to maintain its manufacturing capacity even though it is one of the... it's got pretty high taxes, a lot of regulations, unions and why? because they view government in a positive way, which is government invests in technology, in science, in technical institutes, in apprenticeship programs. it tries to figure out what it is that you can do positively to grow the economy. of course you have to have a competitive private sector economy and you've got to look at regulations and you've got to look at all that. >> jon: but that's suggesting we have no coherent domestic manufacturing or labor policy in this country. and is that... we don't. >> jon: (laughs) >> to be fair, the obama administration is trying to do something about that. they're trying to double exports, but it's very difficult to talk about what government can do positively. there's all kinds of stuff that we know that government screws up and doesn't do right and that's fine and we should... you know, we should try and make it a more regulatory friendly and tax friendly environment. but there's

, a slowdown in indian manufacturing. those are two big markets. we had the sentiment out of china that they will try to create a better consumer within china. they're moving towards doing that, but it's a long process, and they also have their own internal problems, as we've seen, a lot of it still basically an agriculture economy. >> short-term outlook for asian markets? >> short-term outlook is probably the markets keep trading sideways, that we don't see growth. because most of these companies in asia run on cash, not credit, they're not hurt so badly. >> we won't see another big dip. >> i don't think so, i don't think we're going back to 18,000. >> andrew sullivan, thank you for coming in. nina? >> andrew, japan's prime minister in a due or die vote in parliament. coming up how naoto kan managed to survive a no confidence resolution. let me tell you about a very important phone call i made. when i got my medicare card, i realized i needed an aarp... medicare supplement insurance card, too. medicare is one of the grea

this uniform is manufactured in mexico. imagine that. manufactured in mexico. a company in the united states, v.f. image wear, got a contract last february of 2010 for $98 million. it promptly outsourced the sewing of this uniform to mexico. so how many jobs were lost in this particular undertaking? it's estimated that 465 jobs for americans was lost because this contract was outsourced to mexico. this amendment is really quite simple, it basically will demand that the transportation security administration purchase clothing manufactured here in the united states. it is therefore our economic security, it's also important for our national security. this, mr. speaker, is a nonpartisan issue. it's pretty darn simple. and i urge my colleagues to support it. i yield back. the chair: the gentlelady yields back the balance of her time. for what purpose does the gentleman from alabama rise? mr. aderholt: mr. chairman, i insist on a point of order. the chair: state your point of order. mr. aderholt: i make a point of order against the amendment because it proposes to c

index on manufacturing. looks like the u.s. economy is only growing about a 2% pace right now and that's not enough to create a lot of jobs. i think the key thing people need to realize is that it's more likely this economy will sort of trouble along and then pick up speed than it will collapse. because when you have a recession, what happens is something goes from boom to bust, and there's nothing booming in this economy. it very hard for something to collapse when it's already in the basement. you look at vehicle sales or housing starts or business unveners to, they are all very low now, so we don't expect them to move down. we think they will move up in the second half of the year, so we still feel confident about the second half of the year. but it a little surprising the market sold off today. >> susie: a lot of people are saying the federal reserve will step in and fix things up. do you think the finish will come in and buy more government -- bonds or take some other action? >> i sure hope not. because the u.s. economy is

the advanced manufacturing projects.ome of our most innovative -- innovative manufacturers from johnson and johnson to honeywell, a striker, to allegheny technologies. i ask the president of mit, who is here -- there is susan. [applause] -- the ceo of dow chemicals [applause] -- to lead this partnership and to work with my own advisers in science, technology, and manufacturing. throughout our history, our greatest -- our greatest breakthroughs and pop and country partnerships like this. american innovation has always been sparked by individual scientist and author purports all and at universities like carnegie-mellon, at georgia tech, where stanford. but a lot of companies do not invest in early ideas because it will not pay off right away. that is where government can step in. that is how we ended up with some of the world changing innovations that killed our growth and prosperity and created countless jobs from mobile homes, the internet, gps, or then150 drugs and -- more than 150 drugs and pharmaceuticals. the nationa

so manufacturing which is today in fact leading our recovery, 250,000 new jobs in manufacturing in the last year, faster gdp growth than the rest of the economy, demonstrating that it can still play very, very important role in the american economy. so the automobile industry is a story of manufacturing but there's a broader manufacturing story as well that we think needs to be brought to attention. so that's what the report is about. happy to answer questions. >> you said we by no means believe that the future is assured. what about their survival? >> i don't think anything in life is assured. the fate of these companies rests with the men and women who work there, the managers, the board of directors and many things in the external environment. when we make these investments, people said you'll never get out people said you'll never get out of the car business. we are exiting as we said we would as soon as practical. we have now had all our money paid back from general motors -- sorry, from chrysler. we have cut our stake in gm in half, and we have a small residual stake in chrysler.

our president believes strongly in american manufacturing. he believes that manufacturing is hoped obviously build our middle class and has kept us strong and able to defend ourselves, both economically to the changing world and defend ourselves in real terms in battles around the world. manufacturing jobs have helped make the american dream a reality for millions of families around the country. we also, and you know better than anyone how the world is change. our son who say america doesn't need to make things anymore. but our president subscribes to the opposite view. in the 21st century, american manufacturing in the growth of it is vital and essential to us. if we build products here, we obviously create jobs here and innovation therefore will continue to happen here. and that's how we keep our economy strong in the 21st century. over the last two years, we face unprecedented challenges. a financial crisis of 2000 that was unlike anything most of us have ever experienced. we heard about it from our parents, maybe your grandparents. i'm su